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Shares in commodity trader Noble Group dropped 10 per cent on Tuesday to the lowest in 7 months ahead of a planned consolidation of the group’s shares.

The Singapore-listed commodity trader, whose annual general meeting saw a large walk out on Friday according to reports, plans to do a 10-to-1 share consolidation on May 9 following a two-year rout that has left its shares languishing at just S$0.13.

After falling by almost 80 per cent between early 2015 and the start of this year its shares have since tumbled another 30 per cent in 2017. It has faced difficulties during the commodity slump, including attacks on its accounting and the need to pay down debts.

Noble has defended its accounting and said it is working towards a recovery. In March it raised $750m from the sale of junk bonds.

On Tuesday analysts pointed to selling ahead of the share consolidation next week. A large number of shareholders walked out of the AGM in protest on Friday, arguing it was a sign of weakness that would not alter the company’s position.

A vote later overwhelmingly endorsed the share consolidation, which may allow institutional investors buy into the stock once it trades at the consolidated price.